PDLI Tries To Fly

  • April 30, 2001
  • Eddie Kwong

Biotechs continued their upward trend Monday as the biotech
index added 4.2%. One of the top performers in the index was Protein Designb
Labs
(
PDLI |
Quote |
Chart |
News |
PowerRating) which broke out to its highest level in almost two months. PDLI
jumped 5.12 or 8.6% to 64.25 to its highest level in almost two months.

What made PDLI’s move interesting was the fact that it came
after a week-long pause after building a six-week base. As the chart shows, PDLI
briefly touched and bounced off of its 50-day and then resumed its upward move.
It was constructive that Monday’s action came on more than double average
volume.

I’ll be keeping an eye on PDLI to see if it can continue to edge
higher on solid volume. Watch for resistance at 76.50 and then again at its
200-day MA at 79.09.

Until Tuesday,

 

Eddie

 

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